📊 Market bytes

⬇️ Straits Times Index down from 3297.43 on Monday (06th May) to 3290.70 before closing on Friday (10th May)
→ This was down from 3292.93 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Great Eastern Hldgs SGX:G07

2. Jardine Matheson Hldgs SGX:J36

3. Jardine Cycle & Carriage SGX:C07

4. United Overseas Insurance SGX:U13

5. Overseas-Chinese Banking Corp SGX:O39

6. DBS Group Holdings SGX:D05

7. Riverstone Holdings SGX:Ap4

8. Keppel SGX:BN4

🌟 Exclusive bytes 🌟

Exciting News from Volkswagen & Škoda!

Volkswagen Singapore Unveils ID.4 & ID.5 Electric Vehicles!

Get ready for the electric revolution!

Volkswagen Singapore has officially launched the much-anticipated ID.4 and ID.5 electric vehicle series. Boasting impressive ranges of up to 550 km and 556 km respectively, these vehicles are set to redefine your driving experience.

Key Highlights:

• ID.4 Series: A pioneering SUV with zero local emissions, offering leading efficiency and rapid charging capabilities.

• ID.4 GTX: Combines dynamic driving with athletic design, featuring dual electric drive motors for exceptional performance.

• ID.5 Series: The perfect blend of expressive design and spaciousness, offering a coupe-style electric SUV experience.

• ID.5 GTX: Power meets elegance with a dual-motor all-wheel-drive system, delivering a confident and safe ride.

Prospective buyers can enjoy an attractive launch package, including warranties, servicing, perks, and charging solutions valued at up to $8,000. For more information, visit volkswagen.com.sg.

Škoda Singapore Launches Enyaq e-SUV Range!

Exciting news from Škoda! The award-winning Enyaq range is now available for purchase, featuring impressive ranges of up to 576 km.

Crafted on Volkswagen Group's MEB platform, these vehicles offer luxurious interiors, advanced features, and unparalleled comfort.

Key Highlights:

• Enyaq: Spacious interiors, emotive design, and exceptional comfort redefine the electric SUV experience.

• Enyaq Coupé: Sleek, aerodynamic design with extended range and luxurious amenities.

• Enyaq Coupé RS: Sporty, powerful, and all-electric, setting new standards in performance and style.

Exclusive launch offers provide added value and convenience, including premium accessories, loyalty bonuses, and advanced connectivity features. For more information, visit www.skoda.com.sg.

🇸🇬 Main bytes

1️⃣ Insights from PM Lee’s Final Interview: Racism, Leadership Transition, and Foreign Relations

As Singapore gears up for a significant leadership transition, Prime Minister Lee Hsien Loong shared candid reflections on various pressing issues in his final interviews before handing over the reins to Deputy Prime Minister Lawrence Wong on May 15.

On the topic of racism, PM Lee acknowledged Singapore's strides towards inclusivity but emphasised the difficulty in eradicating prejudice entirely.

Despite ongoing efforts, including proposed workplace discrimination legislation, he highlighted the importance of measured responses to incidents, advocating for perspective and constructive dialogue.

Reflecting on his role as Senior Minister, PM Lee emphasised the need for autonomy and decisiveness in leadership while offering guidance based on experience.

With a nod to the evolving geopolitical landscape, he stressed the significance of maintaining strong relationships with neighbouring countries, notably Indonesia and Malaysia.

Addressing Myanmar's political crisis, PM Lee underscored ASEAN's patient yet proactive approach, navigating the delicate balance of engagement and intervention.

As Myanmar grapples with internal challenges, ASEAN's role remains pivotal in fostering stability and democratic progress.

Finally, PM Lee weighed in on the role of the opposition in Parliament, acknowledging its contributions to robust debates and diverse perspectives.

While promoting accountability and transparency, he cautioned against politicising critical issues, emphasising the need for constructive collaboration in shaping policies for the nation's well-being.

In these pivotal moments of transition and global uncertainty, PM Lee's insights offer valuable perspectives on navigating challenges and advancing Singapore's interests on the domestic and international fronts.

2️⃣ Luxury Home Sales Plummet 50% as Foreign Buyers Retreat

Sales of luxury residences in Singapore witnessed a sharp 50% decline in the first quarter of this year, signalling a significant retreat in foreign interest.

Specifically, transactions involving properties valued at S$5 million or more saw a notable drop, with just one purchase made by a foreign buyer compared to 52 during the same period last year.

The dip in foreign interest can be attributed to the doubling of property taxes, notably the additional buyer’s stamp duty (ABSD), which surged from 30% to 60% for foreign buyers last year.

This substantial tax increase has notably cooled the market sentiment among overseas investors, impacting luxury property sales.

Local demand is now taking center stage, with Singaporeans becoming the predominant buyers in the luxury segment.

This shift has prompted developers to potentially reconsider pricing strategies to entice buyers, potentially affecting other market segments. Despite the slowdown in foreign purchases, Singapore's robust economy and stable investment environment continue to attract overseas investors, albeit at a slower pace.

Market experts suggest that while private home prices may still witness growth, it's likely to be more moderate compared to previous years, with estimates projecting a potential increase of up to 6% this year, down from 10.6% in 2021.

3️⃣ Singapore Ranks 8th Globally for Gender Equality

Singapore continues its journey towards gender equality, securing global recognition for its efforts.

Ranking 8th globally and first in the Asia-Pacific for low gender inequality, the nation's commitment is evident in recent reports by the Ministry of Social and Family Development.

Significant advancements include the narrowing of the gender employment and pay gaps, supported by initiatives such as the Home Caregiving Grant, designed to aid caregivers in an aging society.

However, challenges persist, particularly in addressing violence against women, both offline and online.

While legislative measures have been implemented to strengthen protections, ongoing efforts are crucial.

Organisations emphasise the need for sustained action and mindset shifts to combat persistent gender stereotypes.

Additionally, enhancing female representation in leadership roles remains a priority alongside tackling emerging online threats.

Through collaborative efforts and tangible actions, Singapore aims to foster a more equitable society, empowering individuals regardless of gender to thrive and contribute meaningfully to the nation's progress.

🛰️Tech bytes

1️⃣ AI-Powered Search Engine Revolutionises Access to Singapore's Parliament Debates

A groundbreaking artificial intelligence (AI) search engine, Pair Search, has emerged to transform how citizens delve into Singapore's parliamentary records, offering unprecedented accessibility and insights into the nation's legislative history.

Powered by a sophisticated language model akin to ChatGPT, Pair Search enables users to navigate through decades of parliamentary debates effortlessly, along with case judgments from the High Court and Court of Appeal.

Developed by Open Government Products (OGP), Pair Search addresses the shortcomings of existing search platforms, which often yield irrelevant results due to their reliance solely on keywords.

Unlike its predecessors, Pair Search employs advanced keyword matching and contextual search algorithms, ensuring greater relevance and accuracy in search outcomes.

Early adopters have lauded Pair Search for its intuitive interface and enhanced functionality.

With approximately 2,700 users since its soft launch, the platform has handled over 8,300 search queries, marking a significant milestone in democratising access to parliamentary records.

While Pair Search represents a significant leap forward, its development journey continues.

Ongoing refinements aim to enhance the platform's capabilities, including proactive content recommendations and AI-driven summarisation features, promising an even richer research experience for users.

As Pair Search evolves, its potential to revolutionise public access to parliamentary debates underscores Singapore's commitment to leveraging technology for the greater good.

2️⃣ Amazon Injects $12 Billion into Singapore Tech Landscape, Launches AI Education Initiative

Amazon Web Services (AWS) has pledged a monumental $12 billion investment in Singapore's digital infrastructure over the next four years, underscoring its commitment to cloud and artificial intelligence (AI) advancements in the region.

This landmark investment, announced at the recent AWS Summit, marks a significant leap in AWS' total contribution to Singapore, now totalling $23.5 billion, with profound implications for the nation's technological evolution.

The infusion of capital will fuel AWS' expansion efforts, fostering the adoption of cutting-edge AI technologies across various sectors.

AWS Country Manager, Priscilla Chong, emphasised the investment's role in enhancing computational capabilities to meet burgeoning demand for AI solutions.

The economic impact is projected to soar, with an estimated contribution of $23.7 billion to Singapore's GDP and the creation of over 12,300 jobs by 2028.

Moreover, AWS' strategic initiative aligns with Singapore's ambitious plans to bolster its AI ecosystem, complementing the government's $1 billion investment in AI development over the next five years.

Through collaborative efforts with the Infocomm Media Development Authority (IMDA), AWS aims to democratise AI education, offering workshops and consulting services to empower local enterprises and students alike.

🚗 Transport bytes

1️⃣ Upgrade Alert: Move Your ERP 2.0 Device to the Driver’s Side for Free!

Transport Minister Chee Hong Tat has announced a game-changing move for ERP 2.0 users: those who installed the next-gen Electronic Road Pricing system before May 2 can now shift their on-board units (OBUs) from the passenger's footwell to the driver's side at no cost.

With nearly 18,000 vehicles already equipped with OBUs since August 2023, this initiative aims to address safety concerns and enhance user experience.

Responding to public feedback, Mr. Chee unveiled this solution during a parliamentary session on May 8.

The decision follows drivers' complaints about accessibility issues with payment cards located in the passenger's footwell and the bulkiness of the three-piece OBU setup.

Now, users have the flexibility to relocate the processing unit for added convenience.

This move highlights the ongoing evolution of ERP 2.0, designed to provide motorists with greater flexibility and functionality.

As part of a gradual transition, the installation process for new OBUs in fleet vehicles began in November 2023, with vehicles registered after May 1 pre-fitted with the latest equipment.

While the shift to ERP 2.0 will take several years to complete, these updates mark significant strides towards enhancing Singapore's transportation infrastructure.

Additionally, Mr. Chee addressed concerns raised by MPs regarding distance-based charging and OBU safety standards.

While the potential for distance-based charging remains under review, rigorous testing ensures OBU compliance with international safety standards.

💬 Editor’s byte

Thank you for sticking with us! We are looking forward to provide you with more exciting coverage and exclusive bytes!

As always, your continued readership is greatly appreciated. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please don't hesitate to reach out to us at [email protected]

We're excited to bring you more insightful content in the next newsletter. Until then, stay safe and well-informed!

Cheers, D from bytedot

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